Tag: Best Practices

Most decisions require careful consideration before reaching a conclusion because all decisions have consequences. When it comes to business decisions, there’s a lot more at stake because of the potential impacts on the financial health of the company and the risk that comes with making the wrong choice.

Four years since the start of the COVID-19 pandemic, many workers still find themselves logging on from home at least part of the time. Zoom meetings with teammates, once thought to be a short-lived pandemic trend, have remained on work calendars. And these geographically flexible workers report increases in productivity and satisfaction.

Adhering to a corporate credit policy is essential to managing and assessing credit risk, setting payment terms and ensuring a healthy cash flow. Having a policy in place to follow establishes the guidelines to maintain financial stability and build trust with customers while minimizing the potential for bad debt. Although a credit policy is one of the most important documents in credit management, many credit departments do not have a credit policy set in place. Establishing a sound credit policy empowers the credit department to not only be an asset to the company but also play a key role…

In response to global conflicts, the U.S. and its allies have increased economic sanctions and enforcement measures against various countries. Businesses can minimize their exposure to these changes by regularly monitoring sanction updates, understanding applicable laws, integrating sanctions compliance into regulatory processes and strengthening Know-Your-Customer (KYC) policies. Why it matters: The noticeable surge in, attention to and enforcement of international trade requirements and regulations underscore the need for credit managers to stay vigilant and be aware of potential …

The construction industry is directly impacted by weather conditions—heavy rain, snowstorms and dangerous heat temperatures can cause issues such as improper concrete curing and foundation pouring, for example. These can lead to prolonged delays resulting in project timeline disruptions, increased costs and ultimately impact the ability for creditors to get paid. Extreme weather events are only expected to become more common, and the construction industry is faced with finding creative strategies to adapt.

The causes of late payments are diverse and can negatively impact stakeholders across various industries—everything from supply chain delays, cash flow issues and invoicing errors. Credit managers must use proactive strategies to encourage timely payments from habitual and sporadic late payers.

Conflict is unavoidable. It can arise at any moment in your personal life and professional settings, whether between peers or even within yourself. But what do you do when conflict crosses over the line of leadership?